Company Registration No. 01231087 (England and Wales)
HAEMONETICS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
HAEMONETICS LIMITED
COMPANY INFORMATION
Directors
Mr A Casanova
Mr C L Graham
Mr W P Burke
Company number
01231087
Registered office
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Auditor
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Business address
3MB, Middlemarch Business Park
Siskin Drive
Coventry
CV3 4FJ
HAEMONETICS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
HAEMONETICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
The directors present the strategic report for the year ended 31 March 2021.
The principal activity of the company continued to be that of the marketing of blood processing
equipment and
disposables with full after sales services.
Fair review of the business
The results for the year and the financial position at the year end were considered satisfactory by the directors who expect growth in the foreseeable future.
The company saw
an increase of 13.56% in
turnover
during the year as a result of a positive impact of Covid-19. This led to a surge in demand for TEG equipment thus leading to a significant increase in hospital sales. The gross profit margin has, as a result, increased to 40.42%. The operating profit has increased significantly due to the increase in sales and decrease in overheads (principally travelling costs).
Dividends amounting to £133,569,785 (2020: £59,134,256) were received in the year. Consequently, dividends amounting to £133,569,785 (2020: £60,141,271) were then paid to the parent company in the year.
Principal risks and uncertainties
The ongoing Covid-19 pandemic, or outbreaks of communicable diseases, could have an impact on our business, financial condition, cash flows and results of operations, which may be heightened if the pandemic and government response to it continue for an extended period of time.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Foreign currency risk
The company is exposed to foreign currencies fluctuations mainly linked to the investments in foreign companies.
Given the
long term nature of such investments and the dividend
s
received management believes this risk cannot be mitigate
d
.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures
. T
rade debtors are
monitored on an ongoing basis
.
Brexit risk
Although the company is not directly trading with entities based in European countries, most of the goods sold by the company are imported in UK and the exit from the European Union poses a risk for the company due to the uncertainty with trade agreements.
The Company management is monitoring the situation and will respond to any changes arising from Brexit.
Coronavirus pandemic risk
At the time of preparing these
financial statements
, the economy is subject to the coronavirus pandemic.
Though Covid-19 has had a positive impact on the company's profitability and performance in the year, the c
ompany
's
management is monitoring
the situation
and continues to respond to the challenges arising from Covid
-
19
.
Development and performance
A
t the year end the company's current ratio was 1.67
compared to
1.58
in
2020
. The increase indicates
the company
's
short term working capital position during the year
has
improved due to
the increase in
working capital.
HAEMONETICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
Key performance indicators
The Key Performance Indicators of Haemonetics Limited over the last two years are detailed below:
GBP £'000
20
21
20
20
Turnover
12,403
10,922
Gross profit %
40.42
3
6.05
P
rofit
before tax (excluding dividends receivable)
%
14.70
3.94
The gross profit margin has increased due to increased sales to hospitals. The profit before tax margin has increased in comparison with the prior year due to the increased sales together with the increased gross profit margin and decreased administration costs such as travelling expenses which has dropped as a result of Covid-19.
HAEMONETICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
Section 172(1) statement
Interests of members of the company
The company is a private company and a wholly owned subsidiary of Haemonetics Corporation. The company has three directors who each have representation on the Board. The day-to-day operations of the company are managed by the directors who are closely involved in the activities of the company and provide day-to-day support as and when required.
In common with many private companies, the interests of the Board and the ultimate shareholders are broadly aligned in that the company should create value by generating strong and sustainable results.
Board decisions during the year
A dividend amounting to £133,569,785 (2020: £60,141,271) was voted in the year.
During the year we have aimed to continue to improve our position in the market. The company has remained profitable and it is expected that the company will continue to be profitable for the foreseeable future.
No other major board decisions were made during the year.
The interests of employees
Our staff are key assets, and the
B
oard invests in the staff by encouraging continued development via both formal and informal training, coaching and improving of all relevant skills. People are a key part of our passion and the key role players in the long-term success of the company. Our people strategy focuses on driving learning, growth, accountability and integrity for each person at the company placing them at the centre of everything we do.
The average number of staff for the year was 29 (2020: 29).
We consider that we offer our employees competitive remuneration packages.
Business
r
elationships
The Board maintains relationships with our
key
customers
and suppliers t
o ensure that all decisions are balanced and are based on being fully informed and incorporating all viewpoints. In all cases, the
B
oard strategy is kept in mind.
Community and
e
nvironment
The company recognises the importance of climate change to society and has considered how to preserve the planet by aiming to minimise our carbon footprint. Part of this strategy is to work toward a paperless office, by reducing all printing internally as well as requesting that
all external
documentation
is sent in electronic format
only.
HAEMONETICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
Cultures and values
Our values
aligned with our main stakeholder are:
-
Think big, take action
-
Win together
-
Always learn and improve
These values are the drivers than enable the success of the company. With people at the centre of our culture, a significant focus is placed on the well-being of our people and maintaining the unique culture of the company; by nurturing this unique and enabling culture, and fostering a sense of purpose as well as giving our employees the opportunity to grow, develop and maintain a healthy life-balance.
Maintaining a reputation for high standards of business conduct
We are committed to maintaining a reputation of high standards of business conduct. We have an ethics policy for all employees to follow and review this annually. Each year we consider and approve our modern slavery statement which explains the activities we have taken to demonstrate our commitment to seeking to ensure that there is no slavery, forced labour or human trafficking within any part of our business or supply chains.
Mr A Casanova
Director
22 December 2021
HAEMONETICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
The directors present their annual report and financial statements for the year ended 31 March 2021.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £133
,
569
,
785
(2020: £60,141,271)
. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A Casanova
Mr C L Graham
Mr W P Burke
Future developments
The directors expect growth in the present level of turnover and profit for the foreseeable future.
Auditor
The
auditors
, RDP Newmans LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
The company has taken advantage of the exemption under section 40
1
of the
Companies Act 2006 not to prepare consolidated accounts. The
refore, the energy and carbon reporting shall
present information about the company as an individual entity and not about its group
.
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
Mr A Casanova
Director
22 December 2021
HAEMONETICS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
HAEMONETICS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HAEMONETICS LIMITED
- 7 -
Opinion
We have audited the financial statements of Haemonetics Limited (the 'company') for the year ended 31 March 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HAEMONETICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF HAEMONETICS LIMITED
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
The extent to which the audit was considered capable of detecting irregularities including fraud
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of
the
sector;
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery
and
employment
;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
HAEMONETICS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF HAEMONETICS LIMITED
- 9 -
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
reviewed and tested journal entries to identify unusual transactions and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
-
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
-
investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
reviewing and agreeing financial statement disclosures and testing to underlying supporting documentation;
-
enquiring of management as to actual and potential litigation and claims; and
-
reviewing correspondence with HMRC and bankers.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may
involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member for our audit work, for this report, or for the opinions we have formed.
Lyndon Perez (Senior Statutory Auditor)
For and on behalf of RDP Newmans LLP
22 December 2021
Chartered Accountants
Statutory Auditor
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
HAEMONETICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
- 10 -
2021
2020
Notes
£
£
Turnover
3
12,403,023
10,921,822
Cost of sales
(7,390,034)
(6,984,529)
Gross profit
5,012,989
3,937,293
Administrative expenses
(3,190,003)
(3,506,539)
Operating profit
4
1,822,986
430,754
Interest receivable and similar income
8
133,569,920
59,134,256
Interest payable and similar expenses
9
(100)
(53)
Profit before taxation
135,392,806
59,564,957
Tax on profit
10
(377,063)
(392,844)
Profit for the financial year and total comprehensive income
135,015,743
59,172,113
The profit and loss account has been prepared on the basis that all operations are continuing operations.
HAEMONETICS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2021
31 March 2021
- 11 -
2021
2020
Notes
£
£
£
£
Fixed assets
Goodwill
13
111,396
182,721
Tangible assets
14
608,440
867,935
Investments
15
42,383,234
42,383,234
43,103,070
43,433,890
Current assets
Stocks
18
119,214
97,937
Debtors
19
3,401,576
2,851,882
Cash at bank and in hand
5,593,396
1,823,176
9,114,186
4,772,995
Creditors: amounts falling due within one year
20
(5,446,055)
(2,998,734)
Net current assets
3,668,131
1,774,261
Total assets less current liabilities
46,771,201
45,208,151
Provisions for liabilities
Deferred tax liability
21
115,598
96,490
(115,598)
(96,490)
Deferred income
22
(169,696)
(71,712)
Net assets
46,485,907
45,039,949
Capital and reserves
Called up share capital
25
50,100
50,100
Share premium account
26
3,381,585
42,383,134
Profit and loss reserves
27
43,054,222
2,606,715
Total equity
46,485,907
45,039,949
The financial statements were approved by the board of directors and authorised for issue on 22 December 2021 and are signed on its behalf by:
Mr A Casanova
Mr C L Graham
Director
Director
Company Registration No. 01231087
HAEMONETICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2019
50,100
42,383,134
3,575,873
46,009,107
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
-
59,172,113
59,172,113
Dividends
11
-
-
(60,141,271)
(60,141,271)
Balance at 31 March 2020
50,100
42,383,134
2,606,715
45,039,949
Year ended 31 March 2021:
Profit and total comprehensive income for the year
-
-
135,015,743
135,015,743
Dividends
11
-
-
(133,569,785)
(133,569,785)
Transfers
-
(39,001,549)
39,001,549
-
Balance at 31 March 2021
50,100
3,381,585
43,054,222
46,485,907
HAEMONETICS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2021
- 13 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
31
3,682,075
(58,999,906)
Interest paid
(100)
(53)
Income taxes paid
(41,035)
(409,668)
Net cash inflow/(outflow) from operating activities
3,640,940
(59,409,627)
Investing activities
Purchase of tangible fixed assets
(75,720)
(561,814)
Proceeds on disposal of tangible fixed assets
204,865
367,514
Interest received
135
2,066
Dividends received
133,569,785
59,132,190
Net cash generated from investing activities
133,699,065
58,939,956
Financing activities
Dividends paid
(133,569,785)
Net cash used in financing activities
(133,569,785)
-
Net increase/(decrease) in cash and cash equivalents
3,770,220
(469,671)
Cash and cash equivalents at beginning of year
1,823,176
2,292,847
Cash and cash equivalents at end of year
5,593,396
1,823,176
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 14 -
1
Accounting policies
Company information
Haemonetics Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Lynwood House, 373-375 Station Road, Harrow, Middlesex, HA1 2AW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 40
1
of the
Companies Act 2006 not to prepare consolidated accounts. The
financial statements
present information about the company as an individual entity and not about its group
.
Haemonetics Limited is a wholly owned subsidiary of Haemonetics Corporation and the results of Haemonetics Limited are included in the consolidated financial statements of Haemonetics Corporation which are available from its registered office, 125 Summer Street, Brai
ntree
, MA 02110,
Massachusetts, USA.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods
and services
provided in the normal course of business , and is shown net of VAT. The fair
value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is made up of hospital, blood centre and service sales which comprise both sales of goods and provision of services.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the
goods have passed to the buyer (usually on dispatch of the goods
and acceptance from customer
), the amount of revenue can be
measured reliably, it is probable that the economic benefits associated with the transaction will flow to the
entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage
of completion when the stage of completion, costs incurred and costs to complete can be estimated
reliably. Where the outcome cannot be estimated
reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 11 years. It is reviewed for impairment at the end of the first financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 15 -
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings leasehold
Straight line over 5 years on buildings
Plant & machinery
Straight line over 2-7 years
Computer equipment
Straight line over 5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 16 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans
and
loans from
fellow group companies and that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 18 -
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable. Differences between contributions payable in the year and contributions actually paid are shown as
other creditors
in the
b
alance
s
heet
.
1.15
Share-based payments
The
c
ompany
operates
a
group
Employee Stock Purchase Plan
(the "purchased plan") u
nder which common
stock of Haemonetics Corporation, the parent company,
may be purchased by
all full-time e
mployees.
Share-based payments are charged to the profit and loss account in the year they are payable.
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 19 -
1.16
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.17
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Valuation of goodwill
Auditing the annual goodwill impairment test was especially complex and judgmental due to the
significant estimation required in determining the fair values of the reporting units. In particular, the fair
value estimates involve judgmental assumptions including discount rates, terminal values, and the amount
and timing of expected future cash flows, which are all affected by expectations about future market or
economic conditions and reporting unit specific risk factors.
Coronavirus pandemic
The directors have assessed the impact of the Coronavirus pandemic on the company and are of the opinion that this should not materially impact the company in the long term.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
Hospital
9,985,902
8,281,958
Blood Centre
1,476,808
1,812,685
Service
940,313
827,179
12,403,023
10,921,822
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
3
Turnover and other revenue
(Continued)
- 20 -
2021
2020
£
£
Other significant revenue
Interest income
135
2,066
Dividends received
133,569,785
59,132,190
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
12,403,023
10,921,822
4
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
3,710
21,711
Depreciation of owned tangible fixed assets
253,731
315,916
Reversal of past impairment of tangible fixed assets
(16,400)
(26,900)
Profit on disposal of tangible fixed assets
(106,981)
(80,859)
Amortisation of intangible assets
71,325
71,325
Operating lease charges
153,780
200,557
5
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,000
20,000
For other services
Taxation compliance services
3,000
3,080
All other non-audit services
16,193
16,193
19,193
19,273
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 21 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Directors
1
1
Selling and distribution
28
28
Total
29
29
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
2,160,403
1,985,332
Social security costs
285,573
246,059
Pension costs
131,182
132,740
2,577,158
2,364,131
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
294,401
204,355
Company pension contributions to defined contribution schemes
13,432
13,326
307,833
217,681
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2020 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
294,401
204,355
Company pension contributions to defined contribution schemes
13,432
13,326
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 22 -
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Other interest income
135
2,066
Income from fixed asset investments
Income from shares in group undertakings
133,569,785
59,132,190
Total income
133,569,920
59,134,256
9
Interest payable and similar expenses
2021
2020
£
£
Other finance costs:
Other interest
100
53
10
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
359,082
13,955
Adjustments in respect of prior periods
(1,127)
(2,363)
Total UK current tax
357,955
11,592
Foreign current tax on profits for the current period
365,045
Total current tax
357,955
376,637
Deferred tax
Origination and reversal of timing differences
19,108
16,207
Total tax charge
377,063
392,844
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
10
Taxation
(Continued)
- 23 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
135,392,806
59,564,957
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
25,724,633
11,317,342
Tax effect of expenses that are not deductible in determining taxable profit
(2,639)
(17,337)
Tax effect of income not taxable in determining taxable profit
(20,326)
Adjustments in respect of prior years
(1,127)
(2,363)
Permanent capital allowances in excess of depreciation
35,673
(50,934)
Dividend income
(25,378,259)
(11,235,116)
Deferred tax
19,108
16,207
Foreign tax
365,045
Taxation charge for the year
377,063
392,844
11
Dividends
2021
2020
£
£
Interim paid
133,569,785
60,141,271
12
Impairments
Reversals of previous impairment losses have been recognised in profit or loss as follows:
2021
2020
Notes
£
£
In respect of:
Property, plant and equipment
14
16,400
26,900
Recognised in:
Administrative expenses
16,400
26,900
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 24 -
13
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2020 and 31 March 2021
1,963,285
Amortisation and impairment
At 1 April 2020
1,780,564
Amortisation charged for the year
71,325
At 31 March 2021
1,851,889
Carrying amount
At 31 March 2021
111,396
At 31 March 2020
182,721
14
Tangible fixed assets
Land and buildings leasehold
Plant & machinery
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2020
135,588
3,105,398
4,081
3,245,067
Additions
75,720
75,720
Disposals
(243,000)
(243,000)
At 31 March 2021
135,588
2,938,118
4,081
3,077,787
Depreciation and impairment
At 1 April 2020
6,779
2,366,273
4,080
2,377,132
Depreciation charged in the year
27,118
226,613
253,731
Reversal of past impairment
(16,400)
(16,400)
Eliminated in respect of disposals
(145,116)
(145,116)
At 31 March 2021
33,897
2,431,370
4,080
2,469,347
Carrying amount
At 31 March 2021
101,691
506,748
1
608,440
At 31 March 2020
128,809
739,125
1
867,935
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 25 -
15
Fixed asset investments
2021
2020
Notes
£
£
Investments in subsidiaries
16
42,383,234
42,383,234
16
Subsidiaries
Details of the company's subsidiar
y
at 31 March 2021 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Haemonetics International Holdings GmbH
Switzerland
Intermediate parent company
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Haemonetics International Holdings GmbH
67,764,628
29,858,833
17
Financial instruments
2021
2020
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,262,749
2,645,914
Carrying amount of financial liabilities
Measured at amortised cost
2,365,678
2,338,915
18
Stocks
2021
2020
£
£
Finished goods and goods for resale
119,214
97,937
Stock is
stated after provisions for impairment of £
9,236
(
2020
: £
4,663
).
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 26 -
19
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
3,262,749
2,645,547
Other debtors
367
Prepayments and accrued income
138,827
205,968
3,401,576
2,851,882
20
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Trade creditors
156,006
72,060
Amounts owed to group undertakings
1,618,282
1,858,196
Corporation tax
289,927
(26,993)
Other taxation and social security
729,741
232,797
Deferred income
22
2,060,709
454,015
Other creditors
61,759
64,900
Accruals and deferred income
529,631
343,759
5,446,055
2,998,734
21
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
115,598
96,490
2021
Movements in the year:
£
Liability at 1 April 2020
96,490
Charge to profit or loss
19,108
Liability at 31 March 2021
115,598
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 27 -
22
Deferred income
2021
2020
£
£
Arising from deferred income over one year
2,230,405
525,727
Current liabilities
2,060,709
454,015
Shown as deferred income on the face of the balance sheet
169,696
71,712
2,230,405
525,727
23
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
131,182
132,740
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund. The outstanding contributions at the reporting date are £16,986 (2020: £14,603).
24
Share-based payment transactions
Liabilities and expenses
The
c
ompany
operates
a
group
Employee Stock Purchase Plan
(the "purchased plan") u
nder which common
stock of Haemonetics Corporation, the parent company,
may be purchased by
all full-time e
mployees.
The Purchase Plan provides for two “purchase periods” within each of our fiscal years, the first commencing on
N
ovember 1 of
each year and continuing through April 30 of the next calendar year, and the second commencing on May 1 of each year and
continuing through October 31 of such year. Shares are purchased through an accumulation of payroll deductions (of not less
than 2% or more than 15% of compensation, as defined) for the number of whole shares determined by dividing the balance in
the employee’s account on the last day of the purchase period by the purchase price per share for the stock determined under
the Purchase Plan. The purchase price for shares is the lower of 85% of the fair market value of the common stock at the
beginning of the purchase period, or 85% of such value at the end of the purchase period.
The value of share-based payment transactions that took place during the year was immaterial.
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 28 -
25
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,100
50,100
50,100
50,100
The company has one class of ordinary shares which carry no right to fixed income.
26
Share premium account
2021
2020
£
£
At the beginning of the year
42,383,134
42,383,134
Transfer to profit and loss reserves
(39,001,549)
At the end of the year
3,381,585
42,383,134
On 10 December 2020 a Special Resolution was passed for the share premium account to be reduced by £39,001,549 and be credited to the profit and loss reserves of the company.
27
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
2,606,715
3,575,873
Profit for the year
135,015,743
59,172,113
Dividends declared and paid in the year
(133,569,785)
(60,141,271)
Transfer from share premium
39,001,549
At the end of the year
43,054,222
2,606,715
28
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
80,414
97,456
Between two and five years
138,400
193,657
218,814
291,113
HAEMONETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 29 -
29
Related party transactions
Remuneration of key management personnel
The company's key management personnel are considered to be the directors. Their remuneration during the year is shown in note 7.
Transactions with related parties
The company has taken advantage of the exemption available in accordance with FRS 102 para 33.1A not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group.
30
Ultimate controlling party
The
smallest
and largest
group in which the results of Haemonetics Limited are consolidated is headed by Haemonetics Corporation. The consolidated financial statements are available to the public and may be obtained from Haemonetics Corporation,
125 Summer Street, Brai
ntree
, MA 02110,
Massachusetts, USA.
31
Cash generated from/(absorbed by) operations
2021
2020
£
£
Profit for the year after tax
135,015,743
59,172,113
Adjustments for:
Taxation charged
377,063
392,844
Finance costs
100
53
Investment income
(133,569,920)
(59,134,256)
Gain on disposal of tangible fixed assets
(106,981)
(80,859)
Amortisation and impairment of intangible assets
71,325
71,325
Depreciation and impairment of tangible fixed assets
237,331
289,016
Increase in deferred income
97,984
5,644
Movements in working capital:
Increase in stocks
(21,277)
(6,212)
(Increase)/decrease in debtors
(549,694)
459,511
Increase/(decrease) in creditors
523,707
(60,115,238)
Increase/(decrease) in deferred income
1,606,694
(53,847)
Cash generated from/(absorbed by) operations
3,682,075
(58,999,906)
32
Analysis of changes in net funds
1 April 2020
Cash flows
31 March 2021
£
£
£
Cash at bank and in hand
1,823,176
3,770,220
5,593,396
2021-03-31
2020-04-01
false
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
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